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The government yesterday launched a loan sharks hotline to help people who are in debt or having difficulty getting credit.

It's targeted at borrowers who rely on doorstep lenders because they can't get loans from banks and other high street providers. Many are charged as much as 1,000 per cent by loan sharks.

The hotline puts you in touch with local debt advisers and cheap credit providers, such as credit unions.

It's been set up by the Department for Work and Pensions as part of its "now let's talk money" campaign to tell people where they can get free financial advice.

The Government is also funding 500 money advisers and has given #42million to credit unions and community lenders to provide loans for the least well-off.

On average, these loans are worth between #400 and #500, and are used to pay for everyday items such as new school uniforms.

Sarah Miller of the Citizens Advice Bureau said: "We help many people who fall prey to loan sharks or end up paying extortionate interest on loans because they are vulnerable and in financial difficulties. People must know how to get affordable credit, for example through a credit union, and we hope this new phone service will help do just that."